The Predicament And Perfection Of Family Trust In China

The trust system originated in England,but it has a mature development in the United States.With the development of Trust Practice and theory,a more mature legislation and development model in family trust has been established in the United States.Based on the transformation of China's wealth management market in the new era,family trust,as one of the cornerstone tools of family wealth management,meets the all-round and diversified requirements of wealth management industry because of its legal mechanisms such as asset management,risk control,continuous management and free arrangement of trust interests.As a more flexible,controllable and private wealth management tool,it plays a more important role in the new era of wealth management for high net worth people in China.However,due to the imperfection of legal system,the imperfection of trust registration legislation in terms of industry development,the imperfection of tax system,the lack of experience in institutions and personnel,the lack of trust protectors and other factors,many high net worth customers lack lack the confidence for domestic family trust,so the development of this business is not ideal.The purpose of this paper is to study the development process of family trust in the United States,the legal system and the current situation of the industry development,combined with the current situation of the development of family trust in China,and put forward relevant suggestions for the improvement of the legal system and the standardization of the industry practice,so as to lay a solid foundation for the further development in the wealth management market in China.This paper consists of three parts:introduction,main body and conclusion.The main body consists of four chapters:The introduction introduces the research background,research significance and research status at home and abroad,including the innovation and shortcomings of this paper.The first chapter introduces the basic theory of family trust,including what is the family trust and the basic structure of the family trust:the basic structure of the settlor,trustee,beneficiary and trust property.Secondly,it reviews the origin and development of family trust.Finally,it makes a comparative analysis between family trust and related concepts,such as testamentary succession,testamentary trust and traditional trust,so as to highlight the internal characteristics and attributes of family trust.The second chapter introduces the current situation and difficulties of family trust in China.First of all,there is a basic introduction to the legislation and industry development of family trust in China.Second,it leads to the institutional shortcomings of family trust in China.From the perspective of legal system,there are institutional shortcomings,such as vague regulations of trustee's duty of care,unclear system of spendthrift trust and lack of continuous beneficiary system,the imperfection of trust tax system and registration as well as the lack of trust protector.The third chapter introduces the American family trust legal system and industry development practice.First of all,in terms of the legal system of American family trust,this paper introduces the overall legal framework and typical system of American family trust;secondly,it introduces the development status of the industry from the aspects of trust tax,trust registration,trust protector of American family trust,etc.The fourth chapter introduces the optimization path of the future development of family trust in our country.We should learn from US and pay attention to the reality of our country.At the same time,we need to do a lot of things,including refining the trustee's duty of care,improving the spendthrift trust,introducing the continuous beneficiary system,establishing the trust tax,improving the trust registration system,and establishing the trust protector.On the basis of reference experience,this paper discusses the possible conflicts of systems,and the coordination of our country's inherent legal tradition and national conditions with American system.